10-K Filing

Contango ORE, Inc. CIK: 1502377 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001437749-22-021579`
Period End Date	20220630
Filing Date	20220831
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	conta20220630b_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 40 Cash Flow Statement 68 Stockholders Equity 20

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	15.00M	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$35.22M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$23.10M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$231.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	45.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.86M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.68M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$515.63K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$453.35K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.77M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.68M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$198.13K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$35.93M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	0.00	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	90,497.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$23.78M	USD	Point-in-time
Investment in Peak Gold, LLC (NOTE 11)	`EquityMethodInvestments`	-	USD	Point-in-time
Investment in Peak Gold, LLC (NOTE 11)	`EquityMethodInvestments`	-	USD	Point-in-time
Property & equipment, net	`PropertyPlantAndEquipmentNet`	$13.51M	USD	Point-in-time
Property & equipment, net	`PropertyPlantAndEquipmentNet`	$36.53K	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$13.51M	USD	Point-in-time
Total long-term assets	`OtherAssetsNoncurrent`	$36.53K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$37.29M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$35.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$633.86K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$26.27K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$870.98K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$195.84K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$222.10K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.50M	USD	Point-in-time
Advance royalty reimbursement	`AdvanceRoyaltyReimbursementNoncurrent`	$1.20M	USD	Point-in-time
Advance royalty reimbursement	`AdvanceRoyaltyReimbursementNoncurrent`	$1.20M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$228.08K	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	-	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	-	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$1.85M	USD	Point-in-time
Debt, net	`LongTermDebtNoncurrent`	$19.24M	USD	Point-in-time
Debt, net	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$1.20M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$22.52M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.42M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$24.02M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, 15,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, 15,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,860,420 shares issued and 6,769,923 shares outstanding as of June 30, 2022; 6,675,746 shares issued and outstanding at June 30, 2021	`CommonStockValue`	$66.76K	USD	Point-in-time
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,860,420 shares issued and 6,769,923 shares outstanding as of June 30, 2022; 6,675,746 shares issued and outstanding at June 30, 2021	`CommonStockValue`	$68.60K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$69.51M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$74.06M	USD	Point-in-time
Treasury stock at cost (90,497 at June 30, 2022; and 0 shares at June 30, 2021)	`TreasuryStockValue`	$2.32M	USD	Point-in-time
Treasury stock at cost (90,497 at June 30, 2022; and 0 shares at June 30, 2021)	`TreasuryStockValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-58.53M	USD	Point-in-time
SHAREHOLDERS EQUITY	`StockholdersEquity`	$34.55M	USD	Point-in-time
SHAREHOLDERS EQUITY	`StockholdersEquity`	$1.99M	USD	Point-in-time
SHAREHOLDERS EQUITY	`StockholdersEquity`	$13.27M	USD	Point-in-time
TOTAL LIABILITIES AND MEMBERS EQUITY	`LiabilitiesAndStockholdersEquity`	$35.97M	USD	Point-in-time
TOTAL LIABILITIES AND MEMBERS EQUITY	`LiabilitiesAndStockholdersEquity`	$37.29M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Claim rental expense	`ClaimRentalExpense`	$210.08K	USD	Annual
Claim rental expense	`ClaimRentalExpense`	$621.30K	USD	Annual
Exploration expense	`ExplorationExpense`	$89.82K	USD	Annual
Exploration expense	`ExplorationExpense`	$8.52M	USD	Annual
Depreciation expense	`DepreciationNonproduction`	-	USD	Annual
Depreciation expense	`DepreciationNonproduction`	$55.74K	USD	Annual
Accretion expense	`AccretionExpense`	-	USD	Annual
Accretion expense	`AccretionExpense`	$9.16K	USD	Annual
Impairment from casualty loss, net of recovery	`ImpairmentFromCasualtyLoss`	-	USD	Annual
Impairment from casualty loss, net of recovery	`ImpairmentFromCasualtyLoss`	$92.78K	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$10.36M	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$10.34M	USD	Annual
Total expenses	`CostsAndExpenses`	$10.66M	USD	Annual
Total expenses	`CostsAndExpenses`	$19.63M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$1.50K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$1.57K	USD	Annual
Interest expense	`InterestExpense`	-	USD	Annual
Interest expense	`InterestExpense`	$330.05K	USD	Annual
Loss from equity investment in Peak Gold, LLC (NOTE 11)	`IncomeLossFromEquityMethodInvestments`	$-3.86M	USD	Annual
Loss from equity investment in Peak Gold, LLC (NOTE 11)	`IncomeLossFromEquityMethodInvestments`	$-3.71M	USD	Annual
Other income	`OtherNonoperatingIncome`	$41.45K	USD	Annual
Other income	`OtherNonoperatingIncome`	-	USD	Annual
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	Annual
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$39.69M	USD	Annual
Total other income/(expense)	`NonoperatingIncomeExpense`	$-3.99M	USD	Annual
Total other income/(expense)	`NonoperatingIncomeExpense`	$35.83M	USD	Annual
INCOME/(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-23.63M	USD	Annual
INCOME/(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$25.17M	USD	Annual
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	$-119.73K	USD	Annual
Income tax (expense)/benefit	`IncomeTaxExpenseBenefit`	$1.30M	USD	Annual
NET INCOME/(LOSS)	`NetIncomeLoss`	$-23.51M	USD	Annual
NET INCOME/(LOSS)	`NetIncomeLoss`	$23.87M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-3.49	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$3.82	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-3.49	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$3.82	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.25M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.73M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.73M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.25M	shares	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income/(loss)	`NetIncomeLoss`	$-23.51M	USD	Annual
Net income/(loss)	`NetIncomeLoss`	$23.87M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$3.99M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$3.89M	USD	Annual
Depreciation expense	`Depreciation`	$55.74K	USD	Annual
Depreciation expense	`Depreciation`	-	USD	Annual
Accretion expense	`AccretionExpense`	-	USD	Annual
Accretion expense	`AccretionExpense`	$9.16K	USD	Annual
Impairment expense	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	2 Qtrs
Impairment expense	`ImpairmentOfLongLivedAssetsHeldForUse`	$115.03K	USD	Annual
Impairment expense	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	Annual
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$34.67K	USD	Annual
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	Annual
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-3.86M	USD	Annual
Loss from equity investment in Peak Gold, LLC	`IncomeLossFromEquityMethodInvestments`	$-3.71M	USD	Annual
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	-	USD	Annual
Gain on sale of a portion of the equity investment in Peak Gold, LLC	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$39.69M	USD	Annual
Decrease/(increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$443.39K	USD	Annual
Decrease/(increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-176.91K	USD	Annual
Increase/(decrease) in accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.27M	USD	Annual
Increase/(decrease) in accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-867.29K	USD	Annual
Decrease/(increase) in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-198.13K	USD	Annual
Decrease/(increase) in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$198.13K	USD	Annual
Increase in advance royalty reimbursement	`IncreaseDecreaseInAdvanceRoyaltyReimbursement`	$1.20M	USD	Annual
Increase in advance royalty reimbursement	`IncreaseDecreaseInAdvanceRoyaltyReimbursement`	-	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.95M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.38M	USD	Annual
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$3.71M	USD	Annual
Cash invested in Peak Gold, LLC	`PaymentsToAcquireEquityMethodInvestments`	$3.86M	USD	Annual
Acquisition of property& equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$43.99K	USD	Annual
Acquisition of property& equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$36.53K	USD	Annual
Cash paid for the acquisition of Alaska Gold Torrent, LLC, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	Annual
Cash paid for the acquisition of Alaska Gold Torrent, LLC, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$11.64M	USD	Annual
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC	`ProceedsFromSaleOfEquityMethodInvestments`	-	USD	Annual
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC	`ProceedsFromSaleOfEquityMethodInvestments`	$31.25M	USD	Annual
Net cash provided/(used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.39M	USD	Annual
Net cash provided/(used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$27.35M	USD	Annual
Cash paid for shares withheld from employees for payroll tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$876.55K	USD	Annual
Cash paid for shares withheld from employees for payroll tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$779.62K	USD	Annual
Cash paid for shares purchased from directors for estimated tax obligations associated with stock vesting	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$876.55K	USD	Annual
Cash paid for shares purchased from directors for estimated tax obligations associated with stock vesting	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$779.62K	USD	Annual
Cash proceeds from debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Cash proceeds from debt	`ProceedsFromIssuanceOfLongTermDebt`	$19.97M	USD	Annual
Debt issuance costs	`PaymentsOfFinancingCosts`	$164.68K	USD	Annual
Debt issuance costs	`PaymentsOfFinancingCosts`	-	USD	Annual
Cash proceeds from capital raises, net	`ProceedsFromRepurchaseOfEquity`	$14.11M	USD	Annual
Cash proceeds from capital raises, net	`ProceedsFromRepurchaseOfEquity`	$-43.56K	USD	Annual
Net cash provided in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$17.44M	USD	Annual
Net cash provided in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.23M	USD	Annual
NET INCREASE/(DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$32.21M	USD	Annual
NET INCREASE/(DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.89M	USD	Annual
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.33M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.01M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$35.22M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.33M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.01M	USD	Point-in-time
CASH AND RESTRICTED CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$35.22M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.50M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$218.55K	USD	Annual
Shares received from partial sale of the investment in Peak Gold, LLC and retired	`StockReceivedAndRetiredFromSaleOfInvestmentValue`	$8.44M	USD	Annual
Shares received from partial sale of the investment in Peak Gold, LLC and retired	`StockReceivedAndRetiredFromSaleOfInvestmentValue`	-	USD	Annual
Asset retirement obligations, noncash	`AssetRetirementObligationsNoncashTransaction`	$218.93K	USD	Annual
Contingent liability for acquisition of Alaska Gold Torrent, LLC	`LiabilitiesAssumed1`	$1.85M	USD	Annual
Contingent liability for acquisition of Alaska Gold Torrent, LLC	`LiabilitiesAssumed1`	-	USD	Annual
Establishment fee for convertible debt paid with stock issuance	`EstablishmentFeeForConvertibleDebtPaidWithStockIssuance`	-	USD	Annual
Establishment fee for convertible debt paid with stock issuance	`EstablishmentFeeForConvertibleDebtPaidWithStockIssuance`	$600.00K	USD	Annual
Total non-cash investing and financing activities:	`FairValueOfInvestingActivitiesAssumed`	$8.44M	USD	Annual
Total non-cash investing and financing activities:	`FairValueOfInvestingActivitiesAssumed`	$2.67M	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$34.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.27M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.99M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.89M	USD	Annual
Restricted shares activity	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Restricted shares activity	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssuesAndTreasuryStockReissued`	$14.28M	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssuesAndTreasuryStockReissued`	$600.00K	USD	Annual
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$43.56K	USD	Annual
Cost of common stock issuance	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$163.59K	USD	Annual
Shares received from partial sale of the investment in Peak Gold, LLC and retired	`StockReceivedAndRetiredFromSaleOfInvestmentValue`	$8.44M	USD	Annual
Shares received from partial sale of the investment in Peak Gold, LLC and retired	`StockReceivedAndRetiredFromSaleOfInvestmentValue`	-	USD	Annual
Treasury shares withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$779.62K	USD	Annual
Treasury shares withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$876.55K	USD	Annual
Net income/(loss)	`NetIncomeLoss`	$-23.51M	USD	Annual
Net income/(loss)	`NetIncomeLoss`	$23.87M	USD	Annual
Balance	`StockholdersEquity`	$34.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.27M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.